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BKV Corporation
🏹 Trader: 📊 High Volume View all →
$2.1B
Market Cap
13.7
P/E
PEG
9.8%
ROCE
10.4%
ROE
0.56
D/E
27.4%
OPM
-24.7%
% from 52W High
56
α RS
🔍 BKV is showing a high-conviction setup because it matches 3 of 39 tracked screener presets, Sector RRG has Energy in the Leading quadrant with the trail still strengthening, and an ECS of 90.1 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RRG ECS
Sources
Conviction 3/39 · Energy in Leading quadrant · ECS 90.1
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🌏 Global Investor Returns
Currency-adjusted total returns for BKV including FX impact
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📈 Price History
Ratio Health
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About

BKV Corporation produces and sells natural gas in the Barnett Shale in the Fort Worth Basin of Texas and in the Marcellus Shale in the Appalachian Basin of Northeast Pennsylvania. It is also involved in the gathering, processing, and transportation of natural gas; power generation; and carbon capture, utilization, and sequestration activities. The company was founded in 2015 and is headquartered in Denver, Colorado. BKV Corporation operates as a subsidiary of Banpu North America Corporation.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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📊 MIXED BKV Q1 2026: 925 MMcfe/d production, $44M net income; advancing power and carbon capture
Revenue & Profitability
Q1 2026 net income was $44 million; adjusted EBITDAX attributable to BKV was $112 million. Capital expenditures were $119 million. Net debt stood at $962 million, with net leverage of 2.1x. Power JV gross adjusted EBITDA was $20 million. Power JV adjusted EBITDA full-year guidance is $135-$175 million. The company generated positive free cash flow before power growth capital.
Outlook
Management sees a constructive macro backdrop due to Middle East events driving U.S. LNG demand, AI/data center load growth in ERCOT, and expanding carbon capture industry. ERCOT regulatory frameworks (e.g., SB 6) support infrastructure development. Structural demand for natural gas from LNG, power, and industrial markets is expected to benefit Gulf Coast-directed basins like the Barnett.
Growth Drivers
Key growth levers: power solutions with up to 1.4 GW of incremental capacity potential (modular 200 MW, PUN up to 750 MW, Temple III 600 MW). Carbon capture scaling toward 1.5 million tonnes/year injection run rate by 2028. Upstream improvements include advanced completions (30-40% of inventory), POW concept, and AI-driven base production uplift. Liquids-rich Barnett production (20% mix) enhances cash flow flexibility.
Balance Sheet & CapEx
Full-year 2026 base business CapEx guidance is $290-$400 million. Power growth capital and investments are now $280-$340 million, driven by modular power deposits, turbine reservations, and long-lead items. Total net BKV-funded capital is expected to be $485-$635 million, partially offset by partner contributions of $85-$105 million. For 2026, development capital was $82 million in Q1; D&C costs average $533 per lateral foot.
Margins
Not discussed in detail in this earnings call. Lease operating and workover expense was $0.54/Mcfe in Q1. Management expects in-sourcing gas marketing to enhance margins and narrow differentials. The hedging program protects downside: 67% of 2026 natural gas production hedged at $3.86/MMBtu. Power hedging covers 700 MW for 2026. No explicit margin trajectory or operating leverage metrics were provided.
Key Risks
Risks flagged include forward-looking statement uncertainties, integration of acquired assets, and the success of the Power JV transaction. Analysts raised concerns about balance sheet pressure from increased strategic CapEx. Management noted the company has $974 million liquidity and expects to fund growth via free cash flow, partner contributions, and project financing with a 70-30 debt-equity split.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
Record financial results in Q2 2026 with adjusted EBITDAX of $142M and net income of $51M, driven by strong upstream, power, and carbon capture performance. Raised production and CapEx guidance, advanced major projects, and maintained robust liquidity.
Q1 2026 Q1 2026 2026-05-07
Q1 2026 saw strong upstream and power performance, with net income of $44M and adjusted EBITDAX of $112M. Carbon capture and power platforms advanced, with modular power and grid-connected solutions targeting AI/data center demand. Net leverage was 2.1x and liquidity $974M.
Q4 2025 Q4 2025 2026-02-25
Delivered strong 2025 results with 47% EBITDA growth, robust upstream and power performance, and expanded CCUS targets. 2026 guidance calls for disciplined CapEx, continued cash flow funding, and growth in all segments, supported by strategic partnerships and favorable market trends.
Q3 2025 Q3 2025 2025-11-10
Q3 saw strong financial and operational results, highlighted by increased Power JV ownership, robust upstream production, and CCUS momentum. The company strengthened its balance sheet, maintained capital discipline, and is positioned for growth in Texas' expanding energy market.
Q2 2025 Q2 2025 2025-08-12
Q2 results exceeded expectations with strong production, cost discipline, and capital efficiency. Raised 2025 production guidance, announced a major Barnett acquisition, advanced CCUS projects, and delivered robust power segment performance, maintaining a strong balance sheet.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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No Investment Recommendation:
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Information Sources:
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